In this skills-based economy, updating your skill sets has become something of paramount importance.

While it is good to distinguish yourself from the rest by updating your skill sets, it is also essential to know which type of businesses will be flourishing in the near future so that you can update yourself with the right skill sets.

To develop a thorough insight of industries that are likely to offer plenty of jobs and good salaries in the coming future, we turn to the analysed data from a variety of sources including the Bureau of Labor Statistics (BLS), an American website that projects the future of employment rates in dozens of fields.

One thing to note is that graduating with a Bachelor’s degree is still an important milestone even though you may be worried about the cost and the likelihood of not getting employed after graduation.

The main reason of your unemployment does not necessarily be the fact that you have a degree, but rather, other factors including how you market your skills, and how you strategise your way into flourishing industries that are needing talents with specific skills.

To help you make your way into industries that will continue to flourish even in the year 2020, here are the following 8 types of businesses that will thrive in the next decade:

1. Healthcare

Health care is a sector that is of paramount importance for any country. A healthy population implies a healthy workforce which leads to increased productivity. In many nations, just as the birth rate seems to be going up over the years, there is also an increase in the number of aging baby boomers. This gives rise to the need for more health professionals and caregivers in the health sector industry to take care of the children and elderlies. The health sector is a significant sector for a healthy working nation.

There may be future need to set up more clinics to take care of all mothers together with their children to significantly deal with the issue of child and infant mortality rate. The health sector is a growing industry, that includes the health insurance sector. People require health insurance so that they can easily access healthcare services thus a need for growth. People are being diagnosed with new and dangerous diseases of late and with that, the increasing need for medical research and discoveries to deal with new-found diseases.

Among all industries, the health sector is one that is expected to experience rapid growth beyond 2020. Therefore, vocations within this industry such as nurses, optometrists, audiologists, dentists, physical therapists, and other clinical specialists will be in demand.

2. Counselling and Social Assistance

Mental health has become a real problem just like physical health. Thus there is a need for professionals such as counsellors, psychiatrists, and therapists to deal with such. Marriage and family problems are also on the rise thus the need for family therapists and social service providers. Among other social problems, people need help in dealing with stress, emotional problems, and problems with alcohol and drug addiction. For this reason, there ought to be establishments of better and more qualified professionals to deal with such cases.

3. Education Services

With high-quality education and a well-established education sector, a nation will be equipped with a great workforce for development. Employers always want to hire the most educated workers who are capable of working with the modern technology and the growing trends. Education plays a significant role in the evolution of human life towards 2020.

Advancements in technology are due to better education. A better educated workforce is paramount in the coming future as more technologies emerge. On the other hand, people who are not educated are usually ignorant and cannot perform well in growing a nation and its economy. Therefore, employers will continue to place high priority to recruit better-educated workers.

The growth of a country depends on the level of education, which is affected by the number of schools and the quality of teaching offered. For this reason, teachers and others who provide education services are required to keep learning and expanding their knowledge, so they have more to teach. Schools also need to be equipped with the necessary tools and equipment to deal with the growing education system.

Beside teachers, other education providers such as trainers and coaches have to constantly update themselves to stay relevant and competitive in their fields. They will continue to see an increase in demand for specific skills in the next decade thus the education sector is expected to flourish beyond 2020.

4. Scientific Research

In almost all sectors including agriculture, fishing, and production there is the need to replace old methods with the modern technology in the different operations. Scientific research is required to invent new solutions and make new discoveries meant for growth. The health sector, as mentioned earlier, also needs research in order for new medical discoveries to improve health. This gives rise to the need for scientific research experts to conduct the research. Scientific research is also necessary for sectors such as mass production of heavy machinery which contributes significantly to the economy. Therefore, this industry is expected to experience high growth beyond the year 2020.

5. Computer Engineering

The world is currently at an era where everything is done through computers, smart-phones, and other electronic devices. Computer engineering can be seen in our daily lives and has a fast impact in our lifestyles and jobs. It has contributed in a significant way in enhancing the life of humans even in the workplaces.

Computer experts and engineers are now expected to take their skills to new heights through improvements and new discoveries. There is also a need for the development of more software to make work easier for businesses and individuals. Computer engineering is a sector in the economy that allows things to flow efficiently and jobs to be created. They are responsible for keeping everything in order and making things simpler. Hence, there is a growing need for more skilled computer engineers, which makes the sector a flourishing industry beyond 2020.

6. Environmental Science

There is a growing need to take care of the environment and prevent global warming. From the growing populations and need for better living standards, there is a lot of pressure on our existing infrastructures. Therefore, we need to start using green energy and production methods that do not exhaust the environment we live in. Environmental science enables human beings to learn new and better ways of conserving the environment. Hence there is a need for training environmental scientists that will cover all the major aspects of the environment and create a broad mind for discoveries in conserving the nature. The environment is of paramount importance and may require newer technologies to conserve energy, thus it is expected to flourish beyond 2020.

7. Research and Development

For any business and organisation, it is very crucial to conduct research before making any decision to ensure that effective decisions are made. This is common with large enterprises, especially when working with new products, moving to new markets and when shifting from one technology to another.

Research is more complex than innovation since it requires the close and keen evaluation of a situation so that the best decisions are made. Research and developments are necessary in an economy for better cost management benefits, favourable market participation and the embracement of new trends and technology in the business world.

Therefore, business research analysts will be in high demand now and in the coming years to help businesses in making better and more informed decisions. Therefore, this is an industry expected to grow and flourish beyond the year 2020.

8. Entrepreneurship

In the current and future world, there is high competition for traders in satisfying the different customers’ needs. Entrepreneurs will, therefore, be required to make innovations that will provide consumers with more and better choices for maximum satisfaction. They need to incorporate the modern technology in serving the consumer needs.

Furthermore, entrepreneurial education should be offered from an early age, either through schools or the social media, so that people are capable of starting their businesses when they are out of school. This way, people do not always have to rely on employment. Entrepreneurship is one of the major and key drivers of a country’s economy. Many wealthy and major jobs are also created through entrepreneurship, especially through the development of small businesses. A better economy requires many good performing entrepreneurs. Hence, entrepreneurship is one of the industry sectors expected to grow beyond the year 2020.

Other References

Drucker, P. (2014). Innovation and entrepreneurship. Routledge.

Webb, J. W., Bruton, G. D., Tihanyi, L., & Ireland, R. D. (2013). Research on entrepreneurship in the informal economy: Framing a research agenda. Journal of Business Venturing, 28(5), 598-614.

Willis, L., & Bishop, R. (2015). The Importance of the Health Care Sector to the Economy of Dickinson County.

Article adapted from Staying Sane: How to Survive a Layoff and Emerge Victorious!